GRAINS-U.S. soy futures weak, corn firm, wheat mixed ahead of weekend

(Updates with closing prices, adds analyst quote)

By Mark Weinraub

CHICAGO, Jan 27 (Reuters) - U.S. soybean futures fell onFriday on expectations that recent rains in Argentina boostedcrop potential from that key South American exporter, traderssaid.

Wheat futures were mixed, with the most-active Chicago Boardof Trade soft red winter wheat contract sagging onposition squaring after notching its biggest weekly gain in fourweeks.

But wheat contracts tracking high-protein supplies werefirm, supported by concerns about a cold snap in the U.S. Plainsdamaging the dormant crop and worries that escalations in theRussia-Ukraine war could lead to supply disruptions from BlackSea ports.

Corn futures edged higher on hopes for stepped-up demand onthe export market.

All three commodities posted weekly gains.

"Grain and oilseed traders are consolidating recent pricegains ahead of the weekend," Arlan Suderman, chief commoditieseconomist at StoneX, said in a note to clients.

Chicago Board of Trade March soybean futures settleddown 14 cents at $15.09-1/2 a bushel.

Recent rains have brought badly needed relief to much ofArgentina's parched agricultural land, the Buenos Aires Grainsexchange said on Thursday, with coming rains expected to furtherhelp farmers in the planting stage amid a historic drought.

CBOT March corn was up 1/2 cent at $6.83 a bushel andCBOT March wheat was 2-1/2 cents lower at $7.50 a bushel.K.C. hard red winter wheat for March delivery, which tracks thecrop being grown in the U.S. Plains, gained 4-1/4 cents to $8.69a bushel.

For the week, soft red winter wheat gained 1.1%, cornfutures were up 1.0% while soybean futures were up0.2%.(Additional reporting by Naveen Thukral in Singapore andSybille de La Hamaide in Paris; Editing by Uttaresh.V, KrishnaChandra Eluri, Josie Kao and Sandra Maler)

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